Tuesday, June 1, 2010

June 1 2001

Starting today, we are going to add a screenshot of one of our trades, using the educational value of the setup as criteria. Most of screenshots will be self-explanatory with annotations showing the support, resistance, trigger and exit. When needed, we will add brief comments. To mark the start, we post tw0 trades today.

BP short, we tried this breakdown of 37.50 twice. First time we have covered half for +14 cents but second half got stopped breakeven on spike caused by half-hearted news. Second short indicated at the chart though worked like charm for a full $1 drop
VVUS long was more modest but nonetheless nice one: typical JBE setup, held pullback nicely and went for 1:2 risk/reward
Nice day with two big wins on BP, for 57 cents on long and a full dollar on short. A few more smaller wins and stops about canceled each other.

Session Time: Tue Jun 01 00:00:00 2010
[07:15] {ese} I know that you all are not up yet but i thought that i would log in and say have a great day.......i'm off to Abbotsford the is morning for 2 shows....
[07:15] {ese} 'this morning'
[08:18] {magoo} morn
[08:18] {nemo} morn
[08:34] {Les} afternoon
[08:39] {Threei} good morning
[08:39] {Les} finally, someone acknowledges my existence
[08:39] {Threei} BP is getting destroyed
[08:40] {Threei} I didn't acknowledge anyone's existence... I just annunced mine
[08:40] {Les} hehehe morning vad
[08:40] {Threei} :)
[08:49] {dptl} morning
[08:51] {Threei} dp :)
[09:00] {Threei} ***Insight: This is the first interest rate increase since July 2007 following 10 rate cuts totaling 425bps to 0.25% in April 2009
[09:10] {dino} gm all
[09:10] {Threei} dino :)
[09:15] {RonS} gm dudes & larisa
[09:15] {Threei} ron :)
[09:15] {Threei} larisa :)
[09:19] {larisa} gm :)
[09:20] {Threei} what was that on BP
[09:20] {lasertrev} good morning
[09:20] {Threei} trev :)
[09:20] {Les} BP's Alamo
[09:24] {jfjf64} mornin
[09:25] {Threei} jf :)
[09:26] {shorty} good morning
[09:26] {Les} hmmm photoshop or not photoshop?
[09:26] {Les} http://www.abc.net.au/news/
[09:26] {Les} looks pretty sus to me
[09:26] {Threei} shorty :)
[09:27] {shorty} I saw other pics of that Les, it looks real to me.
[09:27] {Les} pretty nice neat hold there shorty
[09:27] {Les} hole, not hold
[09:28] {Threei} can't tell at this size but doable in photoshop easy
[09:28] {Les} makes me think of Bill Murray and caddyshack :)
[09:29] {jfjf64} classic
[09:29] {Les} what's on the menu vad?
[09:30] {Threei} still reading it
[09:31] {Threei} LVS
[09:31] {Threei} watching for sharp dive and entry for bounce
[09:32] {Threei} .05 break, half lot
[09:33] {Threei} 23 brea
[09:33] {Threei} modofication
[09:33] {nemo} to late
[09:33] {nemo} o
[09:35] {jfjf64} .10 break
[09:35] {nemo} ?
[09:35] {Threei} should be good for about .25 at least
[09:35] {Les} out +.09 ty from .01 break
[09:35] {Les} aaaaaaw maaaaaan
[09:35] {Threei} out
[09:35] {Threei} .25
[09:36] {jfjf64} ditto ty
[09:36] {Threei} over 1:2
[09:36] {Les} you purposefully waited until I had scalped
[09:36] {Les} but I see why you chose .25
[09:37] {Threei} QCOR
[09:37] {jfjf64} resistance friday correct
[09:37] {jfjf64} .25
[09:38] {Threei} no news QCOR...
[09:39] {Les} fas just fell back below 24
[09:40] {nemo} looks like market wants to close the gap
[09:42] {jfjf64} vlo .93
[09:42] {nemo} wow bidu
[09:43] {jfjf64} vlo no go
[09:43] {dino} china stocks seem to be holding well
[09:46] {Threei} Long Setup: BP .60 break half lot
[09:46] {Threei} stop for scalpers .50, day traders .40
[09:47] {nemo} ow
[09:47] {nemo} spy holding trend line
[09:47] {Threei} F National Highway Administration reportedly investigation Ford Fusion and Mercury Milan for possible pedal entrapment risk due to floor mats (11.60, -0.13, -1.11%)
[09:47] {Threei} sounds familiar
[09:48] {Threei} CS NYT Dealbook notes that investment bank advisors stand to lose hundreds of millions of dollars in fees if AIG's AIA deal with Prudential plc fails to close
[09:48] {Threei} - Credit Suisse, HSBC, Lazard, and JP Morgan are all advisors on the deal
[09:48] {dino} just get rid of floor mats, problem solved
[09:48] {Threei} lol
[09:50] {nemo} scalp rinse
[09:50] {Threei} Long Setup: VVUS .60 break
[09:51] {Threei} stop under .50
[09:52] {dptl} in
[09:53] {Threei} there is a swing version of this trade, with stop under .40 and target around 13
[09:53] {Threei} I am just hesitant about longer term plays
[09:54] {dptl} jnj?
[09:54] {Threei} .30 long?
[09:54] {dptl} y
[09:54] {Threei} looks reasonable to me
[09:56] {dptl} damn...missed it
[09:56] {jfjf64} ibm .55 break
[09:57] {dptl} can we trail stop to under.55 vvus?
[09:57] {jfjf64} if holdin .40
[09:57] {dino} clf gap fill
[09:58] {Threei} if you treat it like quick scalp, yes
[09:58] {Threei} although in that case, why not take profit or at least partial at 1:1
[09:59] {dptl} ye will keep under .50
[10:00] {dino} clf sm l .76
[10:00] {Threei} *(US) APRIL CONSTRUCTION SPENDING (M/M): 2.7% V 0.0%E
[10:00] {Threei} - prior revised from 0.2% to 0.4% (related SPY SHY EUR/USD XHB )
[10:00] {Threei} US) MAY ISM MANUFACTURING: 59.7 V 59E
[10:00] {Threei} QCOR nice move after 10 breal
[10:00] {Threei} break too
[10:01] {Threei} JNJ 1:2
[10:01] {nemo} spy gap filled
[10:01] {dptl} not going with market vvus
[10:02] {dino} pot sm l .15
[10:04] {Threei} JNJ 1:3
[10:04] {dptl} crying
[10:04] {Threei} time to get out, IMO
[10:05] {magoo} LVS MGM at it
[10:06] {magoo} anyone in VVUS with me?
[10:06] {shorty} I am
[10:06] {dptl} me
[10:07] {Threei} BP hit 1:1 for day traders
[10:07] {magoo} not really familiar with it...already see not my style
[10:08] {dptl} out vvus flat...don't like it
[10:08] {dino} out clf .25, +.50
[10:08] {Threei} if you partial, stop to b/e for the balance
[10:08] {Les} yeh mags bit of a laggard
[10:08] {dino} .49
[10:08] {magoo} usually these work, vad gets the best of me
[10:11] {Les} vad, time to raise stop on VVUS?
[10:11] {dino} out pot flat
[10:12] {Threei} didn't hot 1:1 close enough for that...
[10:12] {Threei} hit
[10:12] {Threei} BP stop to under .70
[10:12] {Les} ok
[10:13] {Les} lvs on this pullback? .40 break?
[10:13] {Les} if holding .30
[10:14] {Threei} if market reverses
[10:14] {Threei} top the upside I mean
[10:14] {Threei} chart is right on LVS
[10:14] {dptl} are you in bp?
[10:14] {Threei} 1/2
[10:14] {Threei} invalidated LVS
[10:15] {dino} clf sm l .85
[10:15] {Threei} TV says it's real hole in Guatemala
[10:15] {dptl} did.'t it broke .40 at 9:54 bp?
[10:15] {Les} damn them gophers are big down south
[10:15] {Threei} nope
[10:16] {Threei} out of bound print, Level 2 never lost .40
[10:16] {Les} les slaps dp around with a bit of wu wei
[10:16] {Threei} 1/4 more out BP
[10:16] {nemo} omg
[10:16] {dptl} oh...ok....i am lost today
[10:16] {nemo} today?
[10:16] {Threei} VVUS
[10:16] {jfjf64} vad aig any read
[10:16] {dptl} lol
[10:16] {Threei} now trail it
[10:17] {Threei} BP 1:3, out in full
[10:17] {Threei} +.57
[10:17] {jfjf64} wow
[10:17] {jfjf64} nice
[10:17] {Threei} AIG... not sure...
[10:17] {Threei} no drive
[10:18] {Threei} I like it when it's more fired up than this
[10:18] {jfjf64} keep doing what ya like
[10:18] {jfjf64} so far so GOOD
[10:19] {Threei} VVUS 1:1
[10:21] {Les} so far so good ty vad
[10:22] {dptl} gonna take a break
[10:22] {dino} qsii sm l ave .43
[10:22] {jfjf64} sfsg lol
[10:22] {Threei} dp
[10:23] {Threei} you are trying to outsmart the market
[10:23] {Threei} LVS, worked after all, eh
[10:23] {dino} apc sm l .00
[10:23] {dptl} i think so....it's that kinda day, i feel like i don't understand anything
[10:24] {jfjf64} no whatt ya mean pal
[10:24] {dino} that kind of month for me dp
[10:24] {larisa} dino, today is June 1th :)
[10:25] {jfjf64} lol
[10:25] {dino} lol
[10:25] {Les} BP .15 break?
[10:25] {Les} .20?
[10:25] {dino} apc stopped -.35
[10:25] {Threei} no
[10:26] {Threei} see, you are trying to take each trade creatively
[10:26] {Threei} there is no need for that
[10:26] {dino} ndx strong
[10:26] {Threei} creativity is needed when you design your setups
[10:26] {jfjf64} ??
[10:27] {Threei} at the execution stage, you simply execute
[10:28] {Threei} in VVUS case,
[10:28] {Threei} what's the need to alter the plan
[10:28] {Threei} while nothing but noise happens?
[10:28] {Threei} stop is hit - you are out
[10:28] {Threei} stop is not touched - you wait
[10:28] {dino} out clf .65, +.80
[10:29] {Threei} profit target is reached, - sell or partial
[10:29] {Threei} something material should happen to change the plan,
[10:29] {Threei} and I see no changes that would signal thr need for plan change
[10:29] {Threei} EUR/USD The one-month Euro down trend line at 1.2340 area - dealers
[10:29] {Threei} - Likely Euro buy-stop orders lurking above that level
[10:30] {Threei} hmm... is it a misprint?
[10:30] {Les} typo?
[10:30] {Threei} probably
[10:31] {jfjf64} high vol all gold stocks
[10:31] {Les} hopefully
[10:32] {jfjf64} gg .40 break
[10:33] {Les} dino, what news APC?
[10:33] {Threei} VVUS 1:2
[10:33] {Threei} 1/4 more out, stop is still b/e for the last piece
[10:33] {Threei} is it time to harass magoo?
[10:33] {magoo} waiting .84
[10:33] {Threei} oops
[10:34] {Threei} he managed to hold onto it :)
[10:34] {magoo} yea
[10:34] {magoo} entire
[10:34] {magoo} 2k
[10:34] {magoo} oUT
[10:34] {Threei} wtg
[10:34] {jfjf64} nice
[10:34] {magoo} just hard on me he he
[10:34] {magoo} forgot it tho
[10:34] {Threei} not exactly your style, but heck
[10:34] {magoo} trading apc, rig
[10:34] {jfjf64} gg invalid
[10:35] {jfjf64} my setups not wking today
[10:35] {Threei} JNJ worked nicely, jf
[10:36] {jfjf64} not i
[10:37] {Threei} it was dp's but it's your style setup
[10:37] {jfjf64} yes 100 percent
[10:40] {jfjf64} mgm sharp drop
[10:41] {dino} feels like day 3 is starting
[10:41] {jfjf64} ??
[10:42] {dino} day one open -100, day 2 +70, day 3 going down.....seems like a week in a day lately
[10:42] {jfjf64} follow
[10:44] {jfjf64} feels lk vxx gona explode
[10:44] {Threei} btw guys,
[10:44] {Threei} Laser has added a few indices, including real time VIX
[10:44] {Threei} http://www.cboe.org/mdx/MDIProducts.aspx
[10:44] {Threei} for 1.50 a month if I got it right
[10:48] {dino} qsii stopped -.31
[10:50] {Threei} Short Setup: GG .25 half lot
[10:50] {Threei} if stays under .30
[10:52] {dptl} in
[10:52] {dptl} .24
[10:52] {shorty} same
[10:52] {Threei} it's an aggressive entry for .20 break
[10:53] {shorty} ok
[10:53] {Threei} SPY loss of .50 should help it
[10:54] {Threei} here goes SPY
[10:56] {Threei} still resisting eh
[10:57] {jfjf64} here we go
[10:57] {Threei} holding by fingertips
[10:57] {shorty} C'mon...Guatemala sink hole.
[10:57] {Threei} lol
[10:58] {Threei} SPY changed its mind
[10:58] {Les} GG bounced off 50 ma as well. gave it a bit of juice
[10:58] {Threei} out
[10:59] {dptl} out .33
[10:59] {Les} I like the setup though. on watch for another go if market permits
[11:03] {Les} apc trying to get over 50ma resistance.
[11:04] {Threei} market stalled around this .50 line
[11:04] {Threei} chart looks breakdownish but doesn't break
[11:04] {Les} it must be them
[11:04] {Threei} no way to tell reallt how it resolves
[11:05] {dptl} nbr .10 break?
[11:05] {Threei} chart is right, but it's a play for a few pennies
[11:05] {Threei} even 10 would be a problem
[11:05] {Threei} rather struggle
[11:06] {dptl} ok ty
[11:08] {dptl} long xom .66,stop under .60
[11:10] {Les} s gg .25
[11:15] {Threei} EU's Juncker: Europe must defend the euro (related EUR/USD )
[11:15] {dptl} stopped
[11:15] {Threei} {--- adding another name o the list of idiots
[11:15] {nemo} Exactly how does he expect to do that
[11:15] {nemo} ?
[11:16] {Les} covered GG .09 +.16
[11:16] {Les} lol thought you were bagging dp there Vad
[11:16] {Threei} ?
[11:16] {Les} list of idiots
[11:16] {Les} sorry, nasty thoughts running through this purile mind
[11:16] {Les} peurile?
[11:17] {nemo} puerile
[11:17] {Les} ty
[11:17] {Threei} rinse GG
[11:17] {nemo} dork
[11:23] {Threei} watching BP
[11:26] {Threei} no clear setup yet
[11:27] {Threei} well, obvious thing is
[11:27] {Threei} Long Setup: BP 38 break if stays above .90
[11:28] {Threei} just a scalp most likely
[11:28] {dptl} in
[11:28] {nemo} in
[11:28] {magoo} in
[11:28] {Les} OUT
[11:29] {Les} spy
[11:29] {Les} sorry
[11:29] {Threei} touched .07
[11:29] {Threei} I had sell at .08
[11:30] {dptl} ?
[11:30] {magoo} wow, thought u wanted more than that
[11:30] {Threei} [11:28] {Threei} just a scalp most likely
[11:30] {dptl} not even 1:1?
[11:30] {Les} out flat
[11:30] {Threei} formally, it bottomed at .92
[11:30] {nemo} out flat
[11:31] {Threei} and time of the day isn't very inspiring
[11:31] {Threei} so settled at .08
[11:31] {Les} 100ma acting as resistance .07. .10 sell order wasn't smart
[11:31] {dptl} &Threei} Long Setup: BP 38 break if stays above .90
[11:31] {dptl} 10c stop
[11:31] {dptl} for 8c
[11:31] {Threei} didn't I just explain why?
[11:32] {Threei} out
[11:32] {dptl} stopped
[11:34] {dptl} very confused
[11:34] {Threei} I can see that... you keep thinkming whole day about something that is not a matter of thinking at all
[11:39] {Les} missed apc break
[11:40] {magoo} in apc .40
[11:40] {magoo} 44.40
[11:40] {Les} yeh grabbing the retest would have been nice
[11:40] {magoo} looking for over 45
[11:41] {magoo} still doewn hige
[11:41] {magoo} craop
[11:41] {magoo} crap
[11:43] {Les} s BP .88¨
[11:47] {Les} gg bounce 44 maybe
[11:52] {nemo} Qs 200 ma was at .70, Spy at about 108.90
[11:54] {nemo} db on fas Vad?
[11:55] {Threei} .60 break?
[11:55] {nemo} was thinking .55 myself
[11:55] {Threei} could be'
[11:55] {nemo} in
[11:55] {dino} sm l clf .30
[11:56] {Les} cover bp .69 + 19
[11:56] {Threei} chart looks right... time of the day is a main concern
[11:56] {nemo} yeah
[11:57] {Threei} (US) US President Obama: Affirms will hold BP and any other responsible parties accountable for actions that led to crisis
[11:57] {Threei} conforting
[11:57] {Threei} n=m
[11:58] {magoo} APC about to squeeze imo
[11:58] {dino} sm l ups .75
[11:58] {magoo} very risky
[11:59] {nemo} fas bounced off the open
[11:59] {Threei} AIG Prudential Plc bid has collapsed - BBC (34.53, -0.85, -2.40%) (related PRU.UK )
[11:59] {Threei} bad
[12:00] {Threei} AI\G recovers
[12:01] {Threei} FAS is saved by this
[12:01] {Threei} IMO, use this spike to scratch the trade nemo
[12:02] {Threei} market is highly confused what to make of this PRU/AIG
[12:03] {nemo} I stopped out at .41
[12:03] {dptl} me too at .42
[12:03] {nemo} tried to get out at .45 but slipped
[12:13] {Threei} looks like market chooses up after all
[12:20] {Threei} watching BP for possible long under .60
[12:21] {nemo} spy walking the 200 ma
[12:22] {jfjf64} you in vad
[12:22] {Threei} no
[12:23] {Threei} didn't give me entry, wanted it to dive under .60
[12:23] {nemo} ceiling at .89
[12:23] {nemo} 80
[12:23] {nemo} .80
[12:23] {nemo} sheesh
[12:31] {magoo} out apc ,81 +.41 BIG
[12:31] {magoo} still like it to squeeze today, but needed to bank it
[12:32] {Les} apc
[12:32] {Threei} wow.... do I see magoo maturing to the point where he actually takes p;rofits before they reach millions?
[12:32] {Les} sorry
[12:34] {magoo} gonna regrett it vad
[12:34] {magoo} me that is
[12:34] {Threei} on this particular tyrade - maybe,
[12:34] {Threei} in a long run - nop
[12:35] {Threei} I'd agree with notion of holding longer if we had bubbling bull market
[12:35] {Threei} circa 1998
[12:35] {Threei} this swamp - no way
[12:35] {magoo} man, now u bringing tears to my eyes, i miss the ole girl "98
[12:36] {Les} the good old days, was it?
[12:36] {Threei} if we got it again wirth the experience amnd knowledge we have today, eh? :)
[12:36] {magoo} dino and i buy 1k stock, go golfing, phone in office up 12 points
[12:37] {magoo} u know vad, if we did id make MILLIONS no shit
[12:37] {Les} really? then my thoughts are with Ben the Chopper Bernanke. "Blow, Baby, Blow!"
[12:38] {Threei} frequent occurence:
[12:38] {dino} funny, in those days a chimp could make big bucks
[12:38] {Threei} some tech stock, let's say NURF (not exact symbol but something close) get mentioned by a gutu like Gilder, in giolder report
[12:38] {Threei} thing costs 15 bucks
[12:39] {Threei} immediate reaction is jump 5-6 bucks,
[12:39] {Threei} what happens ten is a climb throughout the day that sees it finally up 40 points
[12:39] {Les} bp on a run
[12:40] {Threei} 40 points, a day, on a mention in guru's newsletter
[12:40] {dino} i remember gilder, tech guru
[12:42] {dino} of course back then the futures told you the whole day
[12:43] {shorty} In 98 I remember cheap beer and Bre X
[12:44] {dino} threw him out of chopper
[12:45] {shorty} I lived 2 blocks from the Bre X office. I thought the place would get bombed.
[12:46] {dino} crazy one
[12:48] {shorty} I had friends that poured a crap load of money in that stock, I laughed when they lost it all. I seriously thought it was funny.
[12:48] {Threei} you sure had warped sense of humor
[12:48] {shorty} If you knew my friends, you would have laughe too
[12:49] {Threei} oh OK
[12:49] {Threei} lol
[12:49] {Threei} but then, the question arises...
[12:49] {Threei} tell me who your friends are... {G}
[12:49] {shorty} Ummm......At my age, who needs friends.
[12:51] {dino} lol
[12:52] {Les} yeh right shorty. you're our whipping boy from now on. Mr "I don't need any friends"...
[12:55] {shorty} It's weird, I got married, had kids, and now I have limited friends. To be honest, I really don't care all that much.
[12:55] {magoo} u r not making a good case for any of us to consider being your friend lol
[12:56] {shorty} lol....
[12:56] {Les} ditto on my part shorty, but friends are friends man, even if it is just Nemo
[12:56] {Les} gg 44 b/d
[12:58] {shorty} I just don't like the BS. I would rather have a dog.
[12:58] {shorty} or nemo
[12:59] {Les} probably one of the reasons I "work" here. a no BS office environment
[13:01] {shorty} Things change.
[13:02] {shorty} Facebook made me realize why I stopped talking to a lot of people I use to know.
[13:02] {Les} not me, I suddenly understand why I'm different:
[13:02] {Les} http://www.telegraph.co.uk/science/science-news/7791112/Teenagers-blameless-for-inability-to-concentrate.html
[13:03] {shorty} That is interesting.
[13:04] {Les} I can't follow vad for 10 minutes without looking up a simpons episode
[13:04] {Threei} Short Setup: BP .80 break half lot
[13:04] {Les} its embarrassing
[13:06] {shorty} lol Les.... And I can't short BP.
[13:06] {dptl} stop obove .90?
[13:06] {Threei} yes
[13:06] {Threei} there is anopther above 38
[13:07] {Threei} but I am not very comfortable with that
[13:07] {Threei} no go
[13:07] {dptl} stopped
[13:11] {Les} wondering if RIG will follow BP
[13:14] {Threei} don't think so Les
[13:15] {Threei} compare their charts today
[13:15] {Threei} not much in common
[13:17] {Les} stopped GG. no more easy money
[13:19] {shorty} Ya, waiting for Threei to make a call. I am not venturing into the market alone today.
[13:19] {nemo} should test the highs now
[13:19] {Threei} AIG
[13:19] {Threei} 35 break
[13:20] {Threei} for quick scalp
[13:21] {nemo} not oing with the market
[13:28] {Les} quick scalp or sufficiently consolidated for more?
[13:29] {Threei} will probably be dependent on the market
[13:29] {Threei} if we break and go for new highs, can be more
[13:35] {Threei} these offers by ARCA eventually overpowered it
[13:42] {Les} rig 52 and freefalling
[13:43] {Threei} BP too
[13:43] {Threei} BAC SEC inspector general expanding the probe of settlement with BAC over short selling - CNBC
[13:43] {Threei} - Widening probe of approved BoA settlement; expects to include investigation by year end
[13:43] {nemo} "include"?
[13:44] {Threei} conclude I'd guess
[13:46] {Threei} BP Reportedly Coast Guard Admiral claims BP will not add 2nd blowout preventer until relief wells are finished
[13:46] {Threei} i.e., august?
[13:46] {nemo} yep
[13:46] {Threei} APC Hearing BoA/Merrill makes positive comments, sees company as takeover candidate (timing uncertain
[13:48] {Threei} it really starts looking increasingly as they can't do anything to plug the hole
[13:49] {Threei} feels to me like eventually we will break and go for new highs today
[13:50] {Threei} and BP - for new lows
[13:51] {Threei} just as I decided to alert .50 short
[13:52] {Threei} British Petroleum plc Reportedly Coast Guard Admiral claims BP no longer plans to attach a 2nd blowout preventer until relief wells are finished; will instead focus on capturing flow
[13:52] {Threei} - reminder: this past weekend BP said that the lower marine riser package cap (LMRP) that was being moved into position was expected to capture "most" of the oil and gas from the well. Process would involve cutting off the damaged riser from which the oil and gas are leaking and replacing it with a new riser and then attaching a new blowout preventer on top of the malfunction one.
[13:52] {Threei} - As of Saturday, the relief well being drilled was about halfway complete, with about 6,000 feet to go; forecasting relief well to be finished in early August.
[13:52] {Threei} let's see
[13:52] {Threei} same stup
[13:52] {Threei} stop above .60
[13:55] {Threei} not a scalp for me
[13:56] {dptl} bp is that?
[13:57] {Threei} yes
[13:57] {Threei} 1:1
[13:57] {Threei} half out .36
[13:58] {Threei} stop to .55
[14:00] {Threei} targets are .25 and .10
[14:00] {nemo} bid at .36
[14:01] {Threei} just nop shakeouts BP
[14:02] {dino} day 4
[14:03] {Les} apc shaping up as a db
[14:03] {Threei} ok... second half didn't want to work
[14:03] {Threei} news I'd guess
[14:03] {nemo} markets turned
[14:04] {Threei} BP Deepwater Spokesperson denies reports that the efforts have been discontinued as far as attaching a new blowout preventer
[14:04] {Threei} there
[14:04] {Threei} this is what ate our second half
[14:08] {shorty} dino...CLF?
[14:12] {Les} l apc 44 sm.
[14:16] {dino} messed up
[14:20] {magoo} what is real low today BP?, mine shows 6 bux
[14:20] {shorty} same here magoo
[14:20] {Threei} 36.90
[14:21] {Threei} weas lower premarket though,
[14:21] {Threei} around 36.60
[14:21] {magoo} ty
[14:22] {Threei} 6.32 must be a vision of the future though, lol
[14:23] {Threei} US condemns Israeli raid
[14:23] {magoo} lol
[14:23] {Threei} White House won't hold more joint briefings with BP
[14:24] {Threei} full "we are not with them" mode
[14:24] {Les} oops getting a little uncomfortable are we...
[14:24] {Les} why don't he put on cowboy boots and hat and pretend to be texan...
[14:25] {magoo} why destroy apc tho, not connected to this disaster are they?
[14:25] {dino} apc is partner in deep hoizon well
[14:26] {RonS} mags, i have read that they hold a partail interest in the blown well..and w/ Shumer out with unlimited liability...
[14:26] {magoo} oh, ty ron
[14:27] {dino} see above magoo
[14:28] {Les} you guys aren't sitting opposite each other in the office?
[14:31] {dino} killing chemicals/ferts, metals
[14:31] {Les} l clf .81 sm
[14:32] {patience} .
[14:32] {Threei} BP Hearing defended at JP Morgan, feels dividend is safe (timing uncertain) (37.64, -5.31, -12.36%)
[14:32] {Threei} really?
[14:32] {Threei} I don't about abiout anything being "safe" at BP...
[14:33] {magoo} they are trapped long
[14:33] {Threei} this can easily end in BP being cut by 50% and more as a company, and pretty much fighting for dear life
[14:34] {Les} takover target?
[14:34] {Les} oof not with that liability on its book...
[14:34] {Threei} at 6.32
[14:34] {Les} yeh
[14:34] {Threei} it's all pretty much a speculation until we know the cost of cleanup and related liabilities
[14:35] {Threei} plus whole feud with administration
[14:35] {Threei} which will only be too happy to throw it under the bus
[14:35] {Les} often wonder about such liability when I buy Alaskan salmon...
[14:35] {Les} "am I eating exxon's oil?"
[14:36] {Threei} little Valdez oil is good for you
[14:36] {Les} huh
[14:36] {nemo} Les, what?
[14:36] {nemo} you think you have a brain to save?
[14:36] {Les} hmmm
[14:36] {Les} good point
[14:36] {RonS} breaking...Tipper giving Al the boot...says warming not happening in the sack
[14:36] {Les} lol
[14:37] {Threei} rofl
[14:37] {Threei} that was bad Ron
[14:37] {dino} lol
[14:37] {Threei} so bad, it's good
[14:37] {nemo} excellent
[14:37] {RonS} ...they are splitting...
[14:37] {nemo} yes
[14:44] {dino} clh
[14:44] {nemo} wow
[14:45] {Threei} does it get some clean-up job?
[14:45] {nemo} probably
[14:46] {Threei} may 18
[14:46] {Threei} CLH Hearing Wedbush makes positive comments on potential revenues for CLH from the Gulf clean up effort (timing uncertain
[14:46] {Threei} May 18, 2010 8:02:37 AM
[14:46] {Threei} Clean Harbors Inc Updates Participation in Gulf Oil Spill Response
[14:46] {Threei} - Reported today that as the leading provider of environmental emergency response services in North America, the Company has been contracted to provide a variety of environmental response services throughout the Gulf of Mexico region to protect the area's natural resources from the effects of the ongoing oil rig spill.
[14:46] {Threei} - Clean Harbors currently has deployed a large number of its own personnel and subcontractors to a variety of locations throughout the Gulf. As part of its engagement, it also has been tasked with recruiting and training residents of the affected Gulf areas to safely conduct oil spill clean-up along the coastline. Clean Harbors has been contracted by government agencies and private organizations to provide a wide range of support and logistical services. As part of its efforts, the Company is supplying equipment, including boats, containment boom, skimmers, and vacuum trucks, as well as recovery and treatment systems from its extensive equipment inventory. Clean Harbors is involved in many aspects of the spill response including containment, removal, disposal and recycling of the recovered oil.
[14:46] {Threei} - we have reached a point where we can quantify the potential near-term revenue impact from the spill.
[14:46] {Threei} - At this time, we are estimating that this event will result in an increase in second quarter 2010 revenues of 15 to 20 percent of the current First Call consensus estimate of $352.0 million
[14:46] {nemo} they got there start in the big Boston Harbor clean up in the 80's
[14:50] {Threei} BP still looks like short to me
[14:50] {Threei} second try?
[14:50] {Threei} sema setup
[14:50] {Threei} same
[14:51] {Threei} feels like now that news is out of the way, natiral flow should take over
[14:51] {Threei} 1:1
[14:51] {Threei} half out again
[14:51] {Threei} de ja vu
[14:52] {Threei} 1:2
[14:52] {Threei} second target is .25
[14:53] {Threei} stop for the balance to b/e
[14:53] {Threei} changing second target to under .20
[14:54] {Threei} getting greedy
[14:55] {Threei} this thing must drop more
[14:55] {Threei} in fact, I don't think it will hold 35
[14:55] {Threei} 37
[14:56] {RonS} apc lod
[14:56] {Les} stopped apc
[14:57] {Threei} original second target hit
[14:57] {Threei} do I get too greedy?
[14:58] {RonS} r u channeling mags?
[14:58] {Threei} I know he tried to hypnotize me
[14:59] {jfjf64} had to go pay property taxes i miss much
[15:00] {Threei} BP short, jf...
[15:00] {jfjf64} now
[15:00] {Threei} I got a Skype call, and this monotonous voicxe repeated three times "we are not taking profits less than 3 bucks..." before I heard dino in the background asking "hey, who stole the beer from the fridge??"
[15:00] {Threei} no, from .50 break
[15:01] {jfjf64} f k grrrrrrrrrrrrr
[15:01] {Threei} ok 1/4 more out
[15:01] {dino} lol
[15:01] {Threei} .19
[15:01] {Threei} 1:3, +.30
[15:01] {Threei} trying for the last piece under 37
[15:02] {Threei} originally, third target was .10
[15:02] {Threei} but I strongly feel it can do more
[15:03] {jfjf64} nice work vad
[15:03] {Threei} unusual day
[15:03] {Threei} many stops, but those that work, give very nice movements
[15:07] {jfjf64} thats what we like
[15:07] {nemo} ?
[15:08] {dino} day 5
[15:08] {Les} existential question for you Nemo:
[15:08] {Les} http://tech.fortune.cnn.com/2010/05/29/if-google-told-you-to-jump-off-a-cliff-would-you/
[15:08] {nemo} oh geez
[15:09] {nemo} no...I'd shoot you
[15:09] {Les} ouch
[15:09] {nemo} I was just cleaning my pistol as a matter of fact
[15:09] {Les} just read the bloody article ya darn smart alek
[15:09] {jfjf64} watch out for nemo les
[15:09] {nemo} come to think of it, it was made in Switzerland
[15:09] {Les} sigg`
[15:10] {Les} ?
[15:10] {nemo} eqkzaktly
[15:10] {Les} nice one vad. was late to party
[15:10] {Les} .25 short entry bp cover .01
[15:10] {jfjf64} i missed paety
[15:10] {jfjf64} party
[15:11] {Threei} ok BP
[15:11] {Threei} time to lose 37
[15:11] {shorty} cya guys tomorrow.
[15:11] {Threei} take care shorty
[15:11] {Les} they made my saucepans nemo
[15:11] {Les} ciao
[15:11] {nemo} multi-talented
[15:11] {Les} they still make guns?
[15:11] {nemo} Big Time
[15:12] {nemo} Huge law enforcement and military arms manufacturer
[15:12] {Les} remember some swiss guy bitching about sigg
[15:12] {Les} guess he meant they don't make em in switzerland anymore
[15:13] {jfjf64} nemo likes guns
[15:13] {Les} so do i
[15:13] {nemo} guns, knives, swords, hunting, chucks, tonfa...you name it, I like it
[15:13] {nemo} a bit noisy though
[15:13] {nemo} Prefer a bow
[15:14] {jfjf64} me too
[15:14] {nemo} I think I like long-distance the best
[15:15] {nemo} Got a 600-1000m range about an hour away
[15:15] {Les} I prefer 66mm rocket launchers. like Micheal douglas in "falling down"
[15:15] {jfjf64} lol
[15:15] {nemo} not enough precision
[15:16] {nemo} my israeli friend was fond of those
[15:16] {Les} http://en.wikipedia.org/wiki/Carl_Gustav_recoilless_rifle
[15:16] {nemo} used them often at the border with Lebanon
[15:16] {Les} these were fun
[15:17] {Les} this was awesome:
[15:17] {Les} http://en.wikipedia.org/wiki/Steyr_AUG
[15:17] {nemo} in 5.56
[15:17] {Les} sure
[15:18] {nemo} I hate that caliber
[15:18] {nemo} rimm Vad...ouch
[15:18] {nemo} nope
[15:19] {dino} fast fall
[15:20] {jfjf64} just picked up glock 26
[15:20] {jfjf64} nice close range
[15:20] {nemo} Had them, I just don't shoot them well. My natural hold fits the Sig rake angle
[15:21] {nemo} 26, that 9mm?
[15:21] {jfjf64} be honest dont lk fit
[15:21] {nemo} yep
[15:21] {jfjf64} y
[15:21] {nemo} Sig's I can double tap real well
[15:21] {nemo} not a fan of the 9
[15:21] {nemo} approaching the open on the spy
[15:22] {jfjf64} look that
[15:22] {nemo} (just a bull market correction)
[15:22] {nemo} look at what jf
[15:22] {jfjf64} spy
[15:22] {nemo} yes
[15:23] {jfjf64} need to pk up another monitor
[15:23] {jfjf64} 2 havin trouble now
[15:24] {Les} got three screens up and running again, but no surround sound. bad for itunes :(
[15:24] {Threei} come on BP
[15:25] {jfjf64} was wonderinr where ya where 3i
[15:25] {jfjf64} forgot ya doing the bp dance
[15:25] {jfjf64} nice
[15:26] {jfjf64} 36.90 coming
[15:26] {Threei} yesssss
[15:26] {jfjf64} bammmmmmmmmmmmmmmmmm
[15:26] {Threei} IS) Lebanon has fired anti-aircraft artillery at Israeli warplanes flying over Lebanon
[15:26] {Threei} - An Israeli military spokesperson would neither confirm nor deny the report.
[15:26] {Threei} - There was no damage to the Israeli planes.
[15:26] {Les} went short again after the little pop s .09
[15:26] {Threei} oh boy
[15:28] {Les} cover bp +.20
[15:28] {Les} daaamn 45 cents from BP into close
[15:29] {jfjf64} ??
[15:29] {Les} If I'd learn to avoid the usual crappy non-working setups in between opening and close
[15:29] {Les} I'd be raking it in
[15:29] {nemo} cry me a river
[15:29] {Les} I cried a river over you
[15:29] {Les} one day I'll learn
[15:30] {Threei} it's easy Les
[15:30] {nemo} ?
[15:30] {jfjf64} lot shares .80
[15:30] {Threei} look for instance at crappy setup let's say FAS long
[15:30] {Threei} amd look at me, not trading it
[15:30] {nemo} why?
[15:31] {Les} fas long at what time? you mean during the day?
[15:31] {nemo} now/
[15:31] {nemo} ?
[15:31] {Threei} yes
[15:31] {jfjf64} cause ya doing bp shuffle
[15:31] {nemo} db second inside BB
[15:31] {Threei} 'cause there is no good setup
[15:31] {nemo} looks like index
[15:32] {Threei} point is, it's easy not to trade crappy setups
[15:32] {Threei} you just do not trade them
[15:32] {Threei} simple as that
[15:32] {nemo} o.k. what makes this crappy
[15:32] {nemo} ?
[15:32] {Threei} besides the point
[15:32] {jfjf64} thanks nemo
[15:32] {nemo} I realize, but I'm asking
[15:32] {Threei} I could say FCX short or VVUS long
[15:33] {nemo} so, you actually weren't looking at fas?
[15:33] {Threei} no
[15:33] {nemo} ahhhhhhhh
[15:33] {Threei} I was talking about how easy it is not to trade crappy setups
[15:33] {jfjf64} ahhhhhhhhhhhh
[15:33] {nemo} because it was a db, with capitualtion volume, with second bottom inside the bb's
[15:34] {jfjf64} need to learn that
[15:34] {nemo} learn what jf?
[15:34] {jfjf64} crappy setups
[15:34] {nemo} ahhhhhhh
[15:35] {jfjf64} what chapter is that vad
[15:35] {Les} I found the source of America's resurgent economic growth:
[15:35] {Threei} it's being written every day, in many chapters
[15:35] {Les} http://finance.yahoo.com/news/Owners-Stop-Paying-Mortgage-nytimes-4276925797.html?x=0&sec=topStories&pos=7&asset=&ccode=
[15:35] {nemo} by various authors
[15:35] {nemo} old story les
[15:36] {jfjf64} eaklatly
[15:36] {Les} yeh yeh ya pompous old gun nut
[15:36] {nemo} alright, getting out the M4
[15:36] {Les} mail me a letter bomb
[15:37] {nemo} actually, strategic defaults have been written about for over a year
[15:37] {Les} yeh, but I've also been hearing that massive flat screens are selling again
[15:37] {nemo} too much potential for collateral damage Les (Here's hoping your kids take after their mother)
[15:37] {Les} its not just about keeping a roof
[15:37] {jfjf64} hoping more and more watchin ya a lighting bolt will come and hit me one day
[15:38] {nemo} no, they stop payin' and start spending
[15:40] {Les} rig .50 break
[15:42] {nemo} mmmhhhh....quite the thunderstorm, might lose power
[15:43] {jfjf64} .30 break short rig
[15:44] {dino} clf gap filled
[15:45] {dino} we just had one an hour agho nemo
[15:45] {dino} ago
[15:46] {Threei} finally!
[15:46] {Threei} out BP +1
06[15:47] * Threei slaps magoo around a bit with a large roll of cash
[15:47] {Les} you been holding out vad
[15:47] {nemo} don't think I'll be entering any positions in this storm
[15:47] {Threei} how many times I said I was going for big score on the last piece?
[15:48] {Les} probably too many
[15:48] {jfjf64} cover +32 cents
[15:48] {jfjf64} rig
[15:48] {nemo} oh jeez, there's a roaring sound outside
[15:48] {nemo} wtf
[15:48] {Les} nemo, would you mind conducting a small experiment for me?
[15:48] {Les} take a lightning rod outside...
[15:49] {Les} nice call jf
[15:49] {Les} no last minute rally to save RIG
[15:49] {jfjf64} when didnt break .50 long put my short hat on
[15:51] {jfjf64} was getting little mad missed bp
[15:51] {dino} lod s/p
[15:51] {jfjf64} i think call that revenge
[15:51] {Threei} guys
[15:51] {jfjf64} na
[15:51] {jfjf64} lol
[15:51] {Threei} starting today, I will include a little educational blurb with screensholt of one of trades in the trading log
[15:52] {Threei} so make sure to rview those
[15:52] {nemo} It's about time...:)
[15:52] {jfjf64} really
[15:52] {Threei} nothing fancy, just a chart and brief recall of a play
[15:52] {jfjf64} dont get lazy on us
[15:52] {Threei} too late for that
[15:53] {jfjf64} good
[15:53] {dptl} have a good evening all
[15:53] {jfjf64} will this be everyday vad
[15:53] {Threei} I'll try
[15:53] {Threei} for today, I will post two
[15:53] {Les} you put them somewhere obvious vad
[15:53] {Les} at the top or bottom
[15:53] {Threei} top of course
[15:54] {Les} ty
[15:54] {Threei} I don't expect anyone to scroll wll the way to the bottom {G}
[15:54] {jfjf64} lol
[15:54] {Les} damn right
[15:54] {Threei} British Petroleum plc US Attorney General (AG) confirms criminal and civil investigations into Gulf oil spill are now underway
[15:54] {nemo} so, should we go short overnight?
[15:54] {RonS} mags would love to do that
[15:54] {jfjf64} always do
[15:56] {Les} ok c u's tomorrow
[15:56] {Threei} thank you all
[15:56] {nemo} c u
[15:56] {Threei} have a good evening, see you tomorrow
[15:56] {jfjf64} enjoy all
[15:56] {larisa} bye :)